Print

Mail

wiki links

Wall Street tech losses drive TAIEX down 55.10 points

Shares closed down 0.70 percent yesterday after heavy losses in the tech stocks on Wall Street overnight and as US data dampened hopes for a US interest rate cut, dealers said.

Bellwether technology stocks were hit as they followed their US peers following Apple Inc's disappointing guidance.

The TAIEX fell by 55.10 points yesterday to close at 7,840.08 on turnover of NT$117.47 billion (US$3.58 billion).

For the week through yesterday, the weighted index closed up 78.37 points or 1.01 percent after a 0.94 percent decline a week earlier.

Average daily turnover stood at NT$111.12 billion, down from NT$130.52 billion.

Tank Hung, a manager with Mega International Investment Services, said the Wall Street lead offered a direction for the local bourse after it had been clouded by uncertainty following the recent rebound.

He also said that the Apple factor also exerted downward pressure on local electronics firms.

Taiwan Semiconductor Manu-facturing Co (台積電) closed down NT$1.40 at NT$69.80 and United Microelectronics Corp (聯電) fell NT$0.30 to NT$19.60 after declines in their respective American Depositary Shares.

Hon Hai Precision Industry Co (鴻海精密) fell NT$4.00 to close at NT$248.00 and ProMOS Technologies Inc (茂德) lost NT$0.35 to close at NT$12.55.

"The latest steep fall on NASDAQ [the New York high-tech market] had an impact on investors here. They are watching closely for further US high-tech results due soon," National Investment Trust analyst Hank Chen said.
This story has been viewed 2897 times.